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Credit score dip

BessTruman
Contributor

Credit score dip

Hi all,

I just purchased a 2020 Hundayi Santa Fe.  Love the car.   I finally resolved my overage on the horrible leasing deal I was in.  I posted about it a a couple of weeks ago(I 10,000 overage and the lease was not up til Feb 2022).     I noticed on my FAKO score on Nerd Wallet and Credit Karma that my score went from 699 to 588!  Is that because I took out a new loan?  I don't start paying until Jan but my credit score took a serious dive.   It is still showing 730 on  FICO Transunion but that was as of 11-14.  I bought the car on 11-20.   

 

Thank you,

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Slabenstein
Established Contributor

Re: Credit score dip

FAKO score changes aren't all that important since they aren't really used in any lending.  I don't know much about VS3 score mechanics, but it's been my experience that that model is extremely balance sensitive, so the new large loan could conceivably be the cause of the drops if it has already reported to the bureaus.  You should expect to see your FICOs decrease some also when your new auto loan reports, due to the changes to B:L ratio and AAoA.  How much would be profile dependent, but from that alone it shouldn't be anything like the 100+ pts you saw on Vantage.


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